Oliver Morrisey: Expert in Wills, Estates, and Inheritance Law
Author(s): Scott Douglas Jacobsen
Publication (Outlet/Website): A Further Inquiry
Publication Date (yyyy/mm/dd): 2025/10/22
Oliver Morrisey is the owner and founder of Empower Wills & Estate Lawyers, a premier Australian law firm dedicated to wills and estate law. With over 15 years of legal experience, he combines deep expertise with a client-focused approach to deliver strategic and effective results. Oliver holds a Master of Laws in Wills and Estates from the College of Law (2023–2025), a Master of Laws from the University of Sydney, and dual degrees in Law and Forensic Science from the University of Newcastle. His professional background includes positions at Deloitte and KPMG, further strengthening his financial and legal acumen.
Scott Douglas Jacobsen: How much of a payment shock can homeowners expect when renewing fixed-rate mortgages from 2020–21?
Oliver Morrisey: Fixed-rate mortgages pegged at less than 2 percent in 2020–21 by their homeowner are experiencing a severe upsurge in their renewal rates. For me, the rates that these homeowners shall receive will be between 4.5 and 5.5 depending on the lender and the terms of the loans. This increase, I believe, would raise the monthly payments on a typical $600,000 mortgage from about $2,500 to approximately $3,200. The $700 monthly increase represents a significant burden on family budgets. In the next five years, the interest paid might increase by more than two times, from about 55,000 dollars to over 108,000 dollars.
Jacobsen: What strategies can homeowners use to soften the impact of renewal rate hikes?
Morrisey: In my view, the problem is not just the issue of overbudgeting but a contract issue. The National Consumer Credit Protection Act 2009 (Cth) is now compelling borrowers to reconsider the loan covenants and the prepayment penalties and determine whether they can switch their lenders. As a real estate lawyer, house ownership by many individuals and especially by the wealthy ones is to isolate liability or even increase equity in his/her house through a line of credit to service a higher-rate debt more costly. Nevertheless, we should be careful about these strategies since they can create a problem like asset protection and taxes.
Jacobsen: Are there signs that this renewal wave could lead to broader financial strain or defaults?
Morrisey: Actually, there is a financial pressure that is showing a growing trend in the system. More than 1 million mortgages will expire in 2025, and rates of delinquency are rising. The more vulnerable borrowers are younger citizens and people with a high loan-to-value ratio, who, in large percentages, are also highly indebted due to high-interest debts. These people should take care to interact with the lenders early before mortgagee-in-possession actions, which would increase in the event that borrowers fail to take initiatives.
Jacobsen: Thank you for the opportunity and your time, Oliver.
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